05252016Wed
Last update: Wed, 25 May 2016 12am

Asia

Markets - Commodities - Asia

China corn reserves eyed as crop area to fall for 1st time in 13 years BEIJING: China has estimated the country's corn planting area will fall by more than a million hectares this year, the first drop in 13 years, as global grain markets brace for the fallout from Beijing's biggest agricultural reforms in nearly a decade. China said in March that it would end its corn stockpiling programme, which had driven up domestic prices and spurred imports of cheaper substitutes like sorghum and distillers' grains. The scheme, under which large volumes were bought at fixed prices, was designed to support rural incomes, but it has left the state with a bulging stockpile to sell. China is sitting on close to 250 million tonnes of corn, enough to fill Beijing's Bird's Nest stadium around 34 times, and how it plans to dispose of this is being carefully watched by markets. "During this reform process, and as the corn market changes, we must ensure that farmers ...

Markets - Commodities - Asia

Palm rises for second straight session on weaker ringgit KUALA LUMPUR: Malaysian palm oil futures reversed their losses from earlier trade on Thursday, rising to a one-week high as the ringgit weakened against the dollar to breach the 4.00 mark in the evening.The palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was 0.5 percent higher at the close of trade, settling at 2,629 ringgit ($657) per tonne.Palm on Wednesday had surged 3 percent to 2,627 ringgit, its strongest gain in ...

Markets - Commodities - Asia

Vietnam Coffee-Prices near 6-month high; trading sluggish on thin demand HANOI: Vietnamese robusta coffee prices rose to the highest in nearly six months on Thursday, boosted by gains in global robusta futures markets and thin domestic supply as farmers were holding back stocks, traders said. Thin foreign buying demand has added to the sluggish export market after the world's top robusta producer had a long holiday that ended on Tuesday.Premiums of Vietnamese robusta grade 2, 5 percent black and broken beans, narrowed to $50 to ...

Markets - Commodities - Asia

Spot gold may drop into $1,265-$1,274 range SINGAPORE: Spot gold may drop into a range of $1,265-$1,274 per ounce, as suggested by a wedge and a Fibonacci projection analysis.The metal seems to be pulling back towards the upper trendline of the wedge, which formed between March 11 and April 29. Wave pattern suggests gold be riding on a wave (5)-3, the third wave of a five-wave cycle from the March 28 low of $1,208.15.A Fibonacci projection analysis reveals the target zone formed ...

Markets - Commodities - Asia

LME aluminium may fall more to $1,613 SINGAPORE: LME aluminium may fall further to $1,613 per tonne, as it has cleared a support at $1,641. The support was provided by the 23.6 percent Fibonacci retracement on the rise from the April 6 low of $1,495.50 to the April 29 high of $1,686. The next support will be at $1,613, the 38.2 percent level.The uptrend may resume around $1,613, as wave pattern suggests the current drop is driven by a wave 4, the ...

Markets - Commodities - Asia

Shanghai copper to fall to 36,720 yuan SINGAPORE: Shanghai copper is expected to fall to 36,720 yuan per tonne, as suggested by its wave pattern and a Fibonacci projection analysis.The metal is riding on a wave c, the third wave of a three-wave cycle from the April 25 high of 39,040 yuan. This wave is capable of travelling to 35,940 yuan, its 100 percent Fibonacci projection level. A more realistic target could be 36,720 yuan, the 61.8 percent level.Strategically, the target will ...

Markets - Commodities - Asia

Palm oil still targets 2,505-2,530 ringgit range SINGAPORE: Palm oil still targets a range of 2,505-2,530 ringgit per tonne, as suggested by a Fibonacci projection analysis and a trendline. The contract is riding on a wave c, the third wave of a three-wave cycle from the March 29 high of 2,793 ringgit. This wave could extend to the 138.2 percent level at 2,505 ringgit. The trendline falling from the April 25 low of 2,653 ringgit suggests a target similar to 2,505 ringgit ...